Pay vs Performance Disclosure - USD ($)
Dec. 31, 2021
Oct. 19, 2021
Dec. 31, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2021
| Tabular Pay vs. Performance Disclosures | ||||||||||||||||||||||||||||||||||||||||||||
| Value of Fixed $100 Investment Based On: | ||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Period | Summary Compensation Table Total for PEO (1) | Compensation Actually Paid for PEO (2) | Average Summary Compensation Table Total for Non-PEO NEOs (3) | Average Compensation Actually Paid for Non-PEO NEOs (4) | Mirion Technologies Total Shareholder Return (5) | Russell 2000 Index Total Shareholder Return (6) | Net Income (Loss) (7) | Adjusted EBITDA (7)(8) | ||||||||||||||||||||||||||||||||||||
| Fiscal Year 2025 | $ | 7,035,470 | $ | 10,926,024 | $ | 1,604,817 | $ | 2,104,174 | $ | 225 | $ | 107 | $29,800,000 | $227,900,000 | ||||||||||||||||||||||||||||||
| Fiscal Year 2024 | $ | 5,830,816 | $ | 53,333,639 | $ | 1,302,782 | $ | 4,457,847 | $ | 175 | $ | 203 | $(36,600,000) | $203,600,000 | ||||||||||||||||||||||||||||||
Fiscal Year 2023 | $ | 4,883,922 | $ | 18,137,940 | $ | 1,238,261 | $ | 2,020,458 | $ | 103 | $ | 143 | $(98,700,000) | $180,700,000 | ||||||||||||||||||||||||||||||
| Fiscal Year 2022 | $ | 4,075,099 | $ | (12,917,132) | $ | 921,514 | $ | (55,742) | $ | 66 | $ | 121 | $(288,400,000) | $164,700,000 | ||||||||||||||||||||||||||||||
| Partial Fiscal Year 2021 | $ | 6,882,576 | $ | 13,399,948 | $ | 1,114,587 | $ | 1,825,348 | $ | 105 | $ | 140 | Successor - $(23,000,000) Predecessor - $(152,400,000) | Successor - $44,500,000 Predecessor - $62,100,000 | ||||||||||||||||||||||||||||||
Mr. Logan was our PEO for all years shown. The amounts reported are the amounts of total compensation reported for our PEO for each corresponding year in the "Total" column of the Summary Compensation Table in each applicable year.
The amounts reported represent the average of the amounts reported for the Company’s NEOs as a group (excluding our PEO), in the “Total” column of the Summary Compensation Table in each applicable year. For Partial Fiscal Year 2021, the Company's non-PEO NEOs were Brian Schopfer and Michael Freed. For Fiscal Year 2022, the Company's non-PEO NEOs were Brian Schopfer, Michael Freed, Loic Eloy and Michael Rossi. For Fiscal Year 2023, the Company's non-PEO NEOs were Brian Schopfer, Loic Eloy and Michael Rossi. For Fiscal Years 2024 and 2025, the Company's non-PEO NEOs were Brian Schopfer, Loic Eloy, Emmanuelle Lee, and Alison Ulrich.
| PEO "CAP" Calculation Detail | |||||||||||||||||||||||||||||||||||
| Fiscal Period | |||||||||||||||||||||||||||||||||||
| Compensation Element | Partial Fiscal Year 2021 | Fiscal Year 2022 | Fiscal Year 2023 | Fiscal Year 2024 | Fiscal Year 2025 | ||||||||||||||||||||||||||||||
| Summary Compensation Table (SCT) Reported Total Compensation | $ | 6,882,576 | $ | 4,075,099 | $ | 4,883,922 | $ | 5,830,816 | $ | 7,035,470 | |||||||||||||||||||||||||
| Aggregate SCT Reported Equity Compensation (-) | (5,509,532) | (2,901,854) | (3,016,939) | (3,899,987) | (5,099,990) | ||||||||||||||||||||||||||||||
(i) Year-End Fair Value of Awards Granted During the FY & Outstanding (+) | 5,730,904 | 2,290,703 | 4,643,369 | 6,993,272 | 7,739,736 | ||||||||||||||||||||||||||||||
(ii) Year-Over-Year Change in Fair Value of Awards Granted During Previous FYs & Outstanding (+/-) | 6,296,000 | (16,021,350) | 11,113,865 | 8,203,767 | 1,686,580 | ||||||||||||||||||||||||||||||
| (iii) Year-Over-Year Change in Fair Value of Awards Granted During Previous FYs & Vesting During Covered FY (+/-) | — | (359,730) | 513,723 | 36,205,772 | (435,772) | ||||||||||||||||||||||||||||||
| "Compensation Actually Paid" Determination | $ | 13,399,948 | $ | (12,917,132) | $ | 18,137,940 | $ | 53,333,639 | $ | 10,926,024 | |||||||||||||||||||||||||
| Average Non-PEO NEOs "CAP" Calculation Detail | ||||||||||||||||||||||||||||||||||||||
| Compensation Element | Partial Fiscal Year 2021 | Fiscal Year 2022 | Fiscal Year 2023 | Fiscal Year 2024 | Fiscal Year 2025 | |||||||||||||||||||||||||||||||||
| Summary Compensation Table (SCT) Reported Total Compensation | $ | 1,114,587 | $ | 921,514 | $ | 1,238,261 | $ | 1,302,782 | $ | 1,604,817 | ||||||||||||||||||||||||||||
| Aggregate SCT Reported Equity Compensation (-) | (550,946) | (454,065) | (505,565) | (524,992) | (812,483) | |||||||||||||||||||||||||||||||||
(i) Year-End Fair Value of Awards Granted During the FY & Outstanding (+) | 573,082 | 362,012 | 472,866 | 937,789 | 1,232,351 | |||||||||||||||||||||||||||||||||
(ii) Year-Over-Year Change in Fair Value of Awards Granted During Previous FYs & Outstanding (+/-) | 688,625 | (867,217) | 771,458 | 731,876 | 140,150 | |||||||||||||||||||||||||||||||||
(iv) Year-Over-Year Change in Fair Value of Awards Granted During Previous FYs & Vesting During Covered FY (+/-) | — | (17,986) | 43,438 | 2,010,392 | (60,661) | |||||||||||||||||||||||||||||||||
| "Compensation Actually Paid" Determination | $ | 1,825,348 | $ | (55,742) | $ | 2,020,458 | $ | 4,457,847 | $ | 2,104,174 | ||||||||||||||||||||||||||||
The Company’s Compensation Committee reviews a variety of Company-wide and individual factors to link executive compensation actually paid with Company and executive performance, not all of which are presented in the Pay versus Performance table above. To promote strong pay-for-performance orientation when setting executive pay levels, the Compensation Committee considers the Company's absolute and relative TSR, short- and long-term business outlook, including net income and Adjusted EBITDA, and the broader market environment. Moreover, the Company calculates compensation to the PEO and other NEOs on a basis different than the amount reported in the Summary Compensation Table and CAP presented in the Pay Versus Performance table, as calculated in accordance with Item 402(v) of Regulation S-K, is not considered by the Board and the Compensation Committee in evaluating or determining executive compensation.
In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between compensation actually paid and the financial performance metrics presented in the Pay Versus Performance table. We note, however, that since the five reported periods vary in length, CAP and Company performance may not be immediately comparable on a period-by-period basis. That said, we believe the Pay Versus Performance table shows the alignment between CAP to the NEOs and the Company's performance, consistent with our compensation philosophy as described in our CD&A. Specifically, CAP for the Company's PEO decreased from $53,333,639 in Fiscal Year 2024 to $10,926,024 in the most recently completed fiscal period disclosed, and also decreased for the Company’s average non-PEO NEO from $4,457,847 to $2,104,174 over the same comparable fiscal periods. Despite the decrease in CAP, which is largely attributed to the vesting of profits interests awards in 2024, the Company TSR increased from the last fiscal period disclosed to the most recently completed fiscal period. Further, Adjusted EBITDA, the primary measure used by the Committee to link pay and performance, increased from $203,600,000 in Fiscal Year 2024 to $227,900,000 in the most recently completed fiscal period. Finally, our net income increased from a loss of ($36,600,000) in Fiscal Year 2024 to a gain of $29,800,000 in the most recently completed fiscal period.
The Company’s Compensation Committee reviews a variety of Company-wide and individual factors to link executive compensation actually paid with Company and executive performance, not all of which are presented in the Pay versus Performance table above. To promote strong pay-for-performance orientation when setting executive pay levels, the Compensation Committee considers the Company's absolute and relative TSR, short- and long-term business outlook, including net income and Adjusted EBITDA, and the broader market environment. Moreover, the Company calculates compensation to the PEO and other NEOs on a basis different than the amount reported in the Summary Compensation Table and CAP presented in the Pay Versus Performance table, as calculated in accordance with Item 402(v) of Regulation S-K, is not considered by the Board and the Compensation Committee in evaluating or determining executive compensation.
In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between compensation actually paid and the financial performance metrics presented in the Pay Versus Performance table. We note, however, that since the five reported periods vary in length, CAP and Company performance may not be immediately comparable on a period-by-period basis. That said, we believe the Pay Versus Performance table shows the alignment between CAP to the NEOs and the Company's performance, consistent with our compensation philosophy as described in our CD&A. Specifically, CAP for the Company's PEO decreased from $53,333,639 in Fiscal Year 2024 to $10,926,024 in the most recently completed fiscal period disclosed, and also decreased for the Company’s average non-PEO NEO from $4,457,847 to $2,104,174 over the same comparable fiscal periods. Despite the decrease in CAP, which is largely attributed to the vesting of profits interests awards in 2024, the Company TSR increased from the last fiscal period disclosed to the most recently completed fiscal period. Further, Adjusted EBITDA, the primary measure used by the Committee to link pay and performance, increased from $203,600,000 in Fiscal Year 2024 to $227,900,000 in the most recently completed fiscal period. Finally, our net income increased from a loss of ($36,600,000) in Fiscal Year 2024 to a gain of $29,800,000 in the most recently completed fiscal period.
The Company’s Compensation Committee reviews a variety of Company-wide and individual factors to link executive compensation actually paid with Company and executive performance, not all of which are presented in the Pay versus Performance table above. To promote strong pay-for-performance orientation when setting executive pay levels, the Compensation Committee considers the Company's absolute and relative TSR, short- and long-term business outlook, including net income and Adjusted EBITDA, and the broader market environment. Moreover, the Company calculates compensation to the PEO and other NEOs on a basis different than the amount reported in the Summary Compensation Table and CAP presented in the Pay Versus Performance table, as calculated in accordance with Item 402(v) of Regulation S-K, is not considered by the Board and the Compensation Committee in evaluating or determining executive compensation.
In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between compensation actually paid and the financial performance metrics presented in the Pay Versus Performance table. We note, however, that since the five reported periods vary in length, CAP and Company performance may not be immediately comparable on a period-by-period basis. That said, we believe the Pay Versus Performance table shows the alignment between CAP to the NEOs and the Company's performance, consistent with our compensation philosophy as described in our CD&A. Specifically, CAP for the Company's PEO decreased from $53,333,639 in Fiscal Year 2024 to $10,926,024 in the most recently completed fiscal period disclosed, and also decreased for the Company’s average non-PEO NEO from $4,457,847 to $2,104,174 over the same comparable fiscal periods. Despite the decrease in CAP, which is largely attributed to the vesting of profits interests awards in 2024, the Company TSR increased from the last fiscal period disclosed to the most recently completed fiscal period. Further, Adjusted EBITDA, the primary measure used by the Committee to link pay and performance, increased from $203,600,000 in Fiscal Year 2024 to $227,900,000 in the most recently completed fiscal period. Finally, our net income increased from a loss of ($36,600,000) in Fiscal Year 2024 to a gain of $29,800,000 in the most recently completed fiscal period.
| Adjusted EBITDA | ||
| Adjusted Free Cash Flow | ||
| Adjusted Organic Revenue Growth | ||
| Relative Total Shareholder Return | ||
On October 20, 2021 (the "Closing" or the "Closing Date"), Mirion Technologies (Topco), Ltd. ("Mirion TopCo") consummated its business combination (the "Business Combination") with GS Acquisition Holdings Corp II ("GSAH"). On the Closing Date, GSAH was renamed Mirion Technologies, Inc. As a result of the Business Combination, Mirion's financial statement presentation distinguishes Mirion TopCo as the "Predecessor" for periods prior to the closing of the Business Combination and Mirion Technologies, Inc. as the "Successor" for periods after the Closing. As a result of the application of the acquisition method of accounting for the Successor, the financial statements for the periods following the Closing are presented on a full step-up basis as a result of the Business Combination, and are therefore not comparable to the financial statements of the Predecessor that are not presented on the same full step-up basis due to the Business Combination.
We use financial measures for performance-based compensation purposes, including Adjusted EBITDA and Adjusted Free Cash Flow and Adjusted Organic Revenue, that are not measures of financial performance under GAAP, in particular as compensation targets and for the performance measures described above herein. We believe that non-GAAP financial information, when taken collectively, may be helpful to management and investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
The Company Selected Measure is Adjusted EBITDA. While we consider numerous financial and non-financial performance measures for the purpose of evaluating and determining executive compensation, we consider Adjusted EBITDA, which is one of the measures used to determine annual cash incentive compensation for our NEOs, to be the most important performance measure used by the Company to link compensation actually paid to the NEOs for fiscal year 2025 to Company performance. For a reconciliation of Adjusted EBITDA to net income (loss), please see the reconciliation below under “Tabular List of Performance Measures.” Adjusted EBITDA used for our compensation programs differs from reported adjusted EBITDA due to adjustments to remove impacts of current year acquisitions and setting foreign exchange impacts at the targeted exchange rates.
Adjusted EBITDA is defined as GAAP net income before interest expense, income tax expense, depreciation and amortization adjusted to remove the impact of foreign currency gains and losses, amortization of acquired intangible assets, the impact of purchase accounting on the recognition of deferred revenue, changes in the fair value of warrants, certain non-operating expenses (impairment related to a business held for sale and an equity investment, incremental one-time costs related to the Business Combination, incremental one-time costs associated with becoming a public company, mergers and acquisition expenses, restructuring costs, costs to achieve information technology system integration and efficiency, and costs to achieve integration and operational synergies), stock-based compensation expense, debt extinguishment, goodwill impairment, and the income tax impacts of these adjustments. Adjusted EBITDA used for our compensation programs differs from reported adjusted EBITDA due to adjustments to remove impacts of current year acquisitions and setting foreign exchange impacts at the targeted exchange rates. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure is set forth in the tables that follow.
| Predecessor | ||||||||||||||
| (In millions) | From July 1, 2021 through October 19, 2021 | Year Ended June 30, 2021 | ||||||||||||
| Net loss (GAAP) | $ | (105.7) | $ | (158.4) | ||||||||||
| Interest expense, net | 52.8 | 163.2 | ||||||||||||
| Income tax expense (benefit) | (5.6) | (5.9) | ||||||||||||
| Amortization | 19.7 | 62.8 | ||||||||||||
| Depreciation | 6.2 | 20.8 | ||||||||||||
| Stock-based compensation expense | 9.3 | — | ||||||||||||
| Debt extinguishment | 15.9 | — | ||||||||||||
| Foreign currency (gain) loss, net | (0.6) | 13.4 | ||||||||||||
| Revenue reduction from purchase accounting | 4.5 | 8.0 | ||||||||||||
| Cost of revenues impact from inventory valuation purchase accounting | — | 5.2 | ||||||||||||
| Non-operating expenses | 34.7 | 43.1 | ||||||||||||
| Reported Adjusted EBITDA (Non-GAAP) | $ | 31.2 | $ | 152.2 | ||||||||||
| Successor | |||||||||||||||||||||||||||||
| (In millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | From October 20, 2021 through December 31, 2021 | ||||||||||||||||||||||||
| Net loss (GAAP) | $ | 29.8 | $ | (36.6) | $ | (98.7) | $ | (288.4) | $ | (23.0) | |||||||||||||||||||
| Interest expense, net | 30.1 | 51.3 | 57.1 | 41.9 | 6.2 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 2.9 | 2.7 | (6.6) | (18.2) | (6.8) | ||||||||||||||||||||||||
| Amortization | 102.4 | 118.5 | 131.3 | 145.8 | 32.0 | ||||||||||||||||||||||||
| Depreciation | 35.6 | 31.9 | 31.5 | 28.7 | 5.3 | ||||||||||||||||||||||||
| Stock-based compensation expense | 15.2 | 15.6 | 21.9 | 31.8 | 5.3 | ||||||||||||||||||||||||
| Increase (decrease) in fair value of warrant liabilities | — | 5.3 | 24.8 | (37.6) | (1.2) | ||||||||||||||||||||||||
| Goodwill impairment | — | — | — | 211.8 | — | ||||||||||||||||||||||||
| Other impairments | — | — | — | 7.0 | — | ||||||||||||||||||||||||
| Debt extinguishment | 6.3 | — | 2.6 | — | — | ||||||||||||||||||||||||
| Foreign currency (gain) loss, net | (17.4) | 2.2 | (0.3) | 4.9 | 1.6 | ||||||||||||||||||||||||
| Revenue reduction from purchase accounting | — | — | — | — | 2.3 | ||||||||||||||||||||||||
| Cost of revenues impact from inventory valuation purchase accounting | — | — | — | 6.3 | 15.8 | ||||||||||||||||||||||||
| Non-operating expenses | 23.0 | 12.7 | 17.1 | 30.7 | 7.0 | ||||||||||||||||||||||||
| Reported Adjusted EBITDA (Non-GAAP) | 227.9 | 203.6 | 180.7 | 164.7 | $ | 44.5 | |||||||||||||||||||||||
| Adjustments to remove impacts of current year acquisitions and setting foreign exchange impacts at the targeted exchange rates | (10.3) | 2.9 | (2.2) | 1.8 | |||||||||||||||||||||||||
| Adjusted EBITDA for Compensation (Non-GAAP) | $ | 217.6 | $ | 206.5 | $ | 178.5 | $ | 166.5 | |||||||||||||||||||||
| Revenues (GAAP) | $ | 925.4 | |||||||||||||||||||||||||||
| Adjustments to set foreign exchange impacts at the targeted exchange rates | (43.7) | ||||||||||||||||||||||||||||
| Adjusted Revenues for Compensation (Non-GAAP) | $ | 881.7 | |||||||||||||||||||||||||||
| Adjusted EBITDA Margin for Compensation (Non-GAAP) | 24.68 | % | |||||||||||||||||||||||||||
Medical Group
| Successor | Predecessor | |||||||||||||||||||||||||||||||
| (In millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended June 30, 2021 | |||||||||||||||||||||||||||
| Income from operations (GAAP) | $ | 46.9 | $ | 22.3 | $ | 13.0 | $ | (98.9) | $ | 2.3 | ||||||||||||||||||||||
| Amortization | 45.3 | 52.6 | 54.7 | 64.3 | 23.2 | |||||||||||||||||||||||||||
| Depreciation | 20.2 | 20.4 | 20.5 | 18.1 | 10.1 | |||||||||||||||||||||||||||
| Stock-based compensation expense | 1.8 | 1.1 | 0.7 | 0.6 | — | |||||||||||||||||||||||||||
| Goodwill impairment | — | — | — | 87.3 | — | |||||||||||||||||||||||||||
| Revenue reduction from purchase accounting | — | — | — | — | 8.0 | |||||||||||||||||||||||||||
| Cost of revenues impact from inventory valuation purchase accounting | — | — | — | 0.9 | 5.2 | |||||||||||||||||||||||||||
Non-operating expenses(1) | 3.1 | 8.0 | 8.6 | 14.6 | 3.6 | |||||||||||||||||||||||||||
| Other income/expense | (1.0) | 0.2 | — | — | — | |||||||||||||||||||||||||||
| Reported Adjusted EBITDA (Non-GAAP) | 116.3 | 104.6 | 97.5 | 86.9 | $ | 52.4 | ||||||||||||||||||||||||||
| Adjustments to remove impacts of current year acquisitions and setting foreign exchange impacts at the targeted exchange rates | (0.4) | 0.3 | (1.1) | (0.3) | ||||||||||||||||||||||||||||
| Adjusted EBITDA for Compensation (Non-GAAP) | $ | 115.9 | $ | 104.9 | $ | 96.4 | $ | 86.6 | ||||||||||||||||||||||||
| Revenues (GAAP) | $ | 310.8 | ||||||||||||||||||||||||||||||
| Adjustments to set foreign exchange impacts at the targeted exchange rates | (3.2) | |||||||||||||||||||||||||||||||
| Adjusted Revenues for Compensation (Non-GAAP) | $ | 307.6 | ||||||||||||||||||||||||||||||
| Adjusted EBITDA Margin for Compensation (Non-GAAP) | 37.68 | % | ||||||||||||||||||||||||||||||
(1) In FY 2023, non-operating expenses were included in Medical Group and Nuclear & Safety Group segment earnings for the first time. For comparability purposes, reported income (loss) from operations has been adjusted for prior periods. Non-operating expenses only impacted adjusted EBITDA for compensation purposes in FY 2023.
Nuclear & Safety Group
| Successor | Predecessor | |||||||||||||||||||||||||||||||
| (In millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended June 30, 2021 | |||||||||||||||||||||||||||
| Income from operations (GAAP) | $ | 101.1 | $ | 78.9 | $ | 46.0 | $ | (103.1) | $ | 68.1 | ||||||||||||||||||||||
| Amortization | 57.1 | 65.9 | 76.6 | 81.5 | 39.6 | |||||||||||||||||||||||||||
| Depreciation | 14.5 | 10.9 | 10.3 | 9.6 | 10.1 | |||||||||||||||||||||||||||
| Stock-based compensation expense | 2.4 | 1.8 | 1.3 | 1.0 | — | |||||||||||||||||||||||||||
| Goodwill impairment | — | — | — | 124.5 | — | |||||||||||||||||||||||||||
| Cost of revenues impact from inventory valuation purchase accounting | — | — | — | 5.4 | — | |||||||||||||||||||||||||||
Non-operating expenses(1) | 2.1 | 2.1 | 1.1 | 5.1 | 13.3 | |||||||||||||||||||||||||||
| Other income/expense | 0.5 | 0.2 | 0.1 | — | 0.4 | |||||||||||||||||||||||||||
| Reported Adjusted EBITDA (Non-GAAP) | 177.7 | 159.8 | 135.4 | 124.0 | $ | 131.5 | ||||||||||||||||||||||||||
| Adjustments to remove impacts of current year acquisitions and setting foreign exchange impacts at the targeted exchange rates | (10.5) | 2.1 | (1.0) | 2.0 | ||||||||||||||||||||||||||||
| Adjusted EBITDA for Compensation (Non-GAAP) | $ | 167.2 | $ | 161.9 | $ | 134.4 | $ | 126.0 | ||||||||||||||||||||||||
| Revenues (GAAP) | $ | 614.6 | ||||||||||||||||||||||||||||||
| Adjustments to set foreign exchange impacts at the targeted exchange rates | (40.5) | |||||||||||||||||||||||||||||||
| Adjusted Revenues for Compensation (Non-GAAP) | $ | 574.1 | ||||||||||||||||||||||||||||||
| Adjusted EBITDA Margin for Compensation (Non-GAAP) | 29.12 | % | ||||||||||||||||||||||||||||||
(1) In FY 2023, non-operating expenses were included in Medical Group and Nuclear & Safety Group segment earnings for the first time. For comparability purposes, reported income (loss) from operations has been adjusted for prior periods. Non-operating expenses only impacted adjusted EBITDA for compensation purposes in FY 2023.
Corporate Group
| Successor | Predecessor | |||||||||||||||||||||||||||||||
| (In millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended June 30, 2021 | |||||||||||||||||||||||||||
| Income from operations (GAAP) | $ | (96.5) | $ | (76.4) | $ | (80.9) | $ | (95.8) | $ | (59.2) | ||||||||||||||||||||||
| Depreciation | 0.9 | 0.6 | 0.7 | 1.0 | 0.6 | |||||||||||||||||||||||||||
| Stock-based compensation expense | 11.0 | 12.7 | 19.9 | 30.2 | — | |||||||||||||||||||||||||||
| Other impairment | — | — | — | 7.0 | — | |||||||||||||||||||||||||||
Non-operating expenses(1) | 18.3 | 2.2 | 8.5 | 11.0 | 27.0 | |||||||||||||||||||||||||||
| Other income/expense | 0.2 | 0.1 | (0.4) | 0.4 | (0.1) | |||||||||||||||||||||||||||
| Reported Adjusted EBITDA (Non-GAAP) | $ | (66.1) | $ | (60.8) | $ | (52.2) | $ | (46.2) | $ | (31.7) | ||||||||||||||||||||||
(1) In FY 2023, non-operating expenses were included in Medical Group and Nuclear & Safety Group segment earnings for the first time. For comparability purposes, reported income (loss) from operations has been adjusted for prior periods. Non-operating expenses only impacted adjusted EBITDA for compensation purposes in FY 2023.
Adjusted Free Cash Flow is defined as free cash flow adjusted to include the impact of cash used to fund certain non-operating expenses described above in the definition of Adjusted EBITDA as well as proceeds from derivative contracts. Free cash flow is defined as GAAP net cash provided by operating activities adjusted to include the impact of purchases of property, plant, and equipment and purchases of badges. Our Adjusted Free Cash Flow used for purposes of our compensation programs are included below, including a reconciliation of Adjusted Free Cash Flow to the most comparable GAAP measure is set forth below:
| Successor | Predecessor | |||||||||||||||||||||||||||||||
| (In millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended June 30, 2021 | |||||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 143.3 | $ | 99.1 | $ | 95.2 | $ | 39.4 | $ | 53.6 | ||||||||||||||||||||||
| Purchases of property, plant, and equipment and badges | (36.4) | (48.8) | (37.1) | (34.2) | (23.2) | |||||||||||||||||||||||||||
| Free cash flow (non-GAAP) | $ | 106.9 | $ | 50.3 | $ | 58.1 | $ | 5.2 | $ | 30.4 | ||||||||||||||||||||||
Proceeds from derivative contracts | 3.4 | 4.6 | 4.4 | — | — | |||||||||||||||||||||||||||
| Cash used for non-operating expenses | 19.7 | 10.5 | 11.7 | 30.7 | 30.8 | |||||||||||||||||||||||||||
| Other | (9.0) | 8.0 | (0.6) | — | — | |||||||||||||||||||||||||||
| Adjusted free cash flow (non-GAAP) | $ | 121.0 | $ | 73.4 | $ | 73.6 | $ | 35.9 | $ | 61.2 | ||||||||||||||||||||||
Adjusted Organic Revenue for our compensation programs is defined as Adjusted Revenue excluding the impact of foreign exchange rates as well as mergers and acquisitions in the period. Adjusted Revenue is defined as GAAP Revenue adjusted to remove the impact of purchase accounting on the recognition of deferred revenue. Adjusted Organic Revenue Growth is calculated by comparing Adjusted Organic Revenue to Adjusted Revenue in the prior year.
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 925.4 | $ | 860.8 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 925.4 | $ | 860.8 | |||||||||||||
Less effect of acquisitions / divestitures | (15.6) | ||||||||||||||||
| Less effect of foreign currency translation | (15.4) | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 894.4 | 3.9 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2025 adjusted organic revenues less 2024 adjusted revenues, divided by 2024 adjusted revenues. | |||||||||||||||||
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 860.8 | $ | 800.9 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 860.8 | $ | 800.9 | |||||||||||||
Less effect of acquisitions / divestitures | (7.8) | ||||||||||||||||
| Less effect of foreign currency translation | 0.8 | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 853.8 | 6.6 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2024 adjusted organic revenues less 2023 adjusted revenues, divided by 2023 adjusted revenues. | |||||||||||||||||
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 800.9 | $ | 717.8 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 800.9 | $ | 717.8 | |||||||||||||
Less effect of acquisitions / divestitures | (10.8) | ||||||||||||||||
| Less effect of foreign currency translation | (5.7) | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 784.4 | 9.3 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2023 adjusted organic revenues less 2022 adjusted revenues, divided by 2022 adjusted revenues. | |||||||||||||||||
| Successor | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||||||||||||||||||||||||||
| (In millions) | Year Ended December 31, 2022 | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Six Months Ended June 30, 2021 | Year Ended December 31, 2021 | Year-over-Year Growth Percentage(1) | ||||||||||||||||||||||||||||||||
| Revenues (GAAP) | $ | 717.8 | $ | 154.1 | $ | 168.0 | $ | 346.2 | $ | 668.3 | ||||||||||||||||||||||||||||
| Revenues reduction from purchase accounting | — | 2.3 | 4.5 | 8.0 | 14.8 | |||||||||||||||||||||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 717.8 | $ | 156.4 | $ | 172.5 | $ | 354.2 | $ | 683.1 | ||||||||||||||||||||||||||||
| Less effect of acquisitions | (27.0) | |||||||||||||||||||||||||||||||||||||
| Less effect of foreign currency translation | 31.0 | |||||||||||||||||||||||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 721.8 | 5.7 | % | ||||||||||||||||||||||||||||||||||
(1) Year-over-year growth percentage is calculated as 2022 adjusted organic revenues less 2021 combined adjusted revenues, divided by 2021 combined adjusted revenues. | ||||||||||||||||||||||||||||||||||||||
Medical Group
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 310.8 | $ | 299.7 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 310.8 | $ | 299.7 | |||||||||||||
Less effect of acquisitions / divestitures | (0.5) | ||||||||||||||||
| Less effect of foreign currency translation | (1.7) | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 308.6 | 3.0 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2025 adjusted organic revenues less 2024 adjusted revenues, divided by 2024 adjusted revenues. | |||||||||||||||||
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 299.7 | $ | 284.5 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 299.7 | $ | 284.5 | |||||||||||||
Less effect of acquisitions / divestitures | (7.8) | ||||||||||||||||
| Less effect of foreign currency translation | — | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 291.9 | 2.6 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2024 adjusted organic revenues less 2023 adjusted revenues, divided by 2023 adjusted revenues. | |||||||||||||||||
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 284.5 | $ | 271.7 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 284.5 | $ | 271.7 | |||||||||||||
Less effect of acquisitions / divestitures | 10.1 | ||||||||||||||||
| Less effect of foreign currency translation | (0.8) | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 293.8 | 8.1 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2023 adjusted organic revenues less 2022 adjusted revenues, divided by 2022 adjusted revenues. | |||||||||||||||||
| Successor | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||||||||||||||||||||||||||
| (In millions) | Year Ended December 31, 2022 | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Six Months Ended June 30, 2021 | Year Ended December 31, 2021 | Year over Year growth Percentage(1) | ||||||||||||||||||||||||||||||||
| Revenues (GAAP) | $ | 271.7 | $ | 49.2 | $ | 60.3 | $ | 103.6 | $ | 213.1 | ||||||||||||||||||||||||||||
| Revenues reduction from purchase accounting | — | 2.3 | 4.5 | 8.0 | 14.8 | |||||||||||||||||||||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 271.7 | $ | 51.5 | $ | 64.8 | $ | 111.6 | $ | 227.9 | ||||||||||||||||||||||||||||
| Less effect of acquisitions | (11.6) | |||||||||||||||||||||||||||||||||||||
| Less effect of foreign currency translation | 2.4 | |||||||||||||||||||||||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 262.5 | 15.2 | % | ||||||||||||||||||||||||||||||||||
(1) Year-over-year growth percentage is calculated as 2022 adjusted organic revenues less 2021 combined adjusted revenues, divided by 2021 combined adjusted revenues. | ||||||||||||||||||||||||||||||||||||||
Nuclear & Safety Group
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 614.6 | $ | 561.1 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 614.6 | $ | 561.1 | |||||||||||||
Less effect of acquisitions / divestitures | (15.1) | ||||||||||||||||
| Less effect of foreign currency translation | (13.7) | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 585.8 | 4.4 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2025 adjusted organic revenues less 2024 adjusted revenues, divided by 2024 adjusted revenues. | |||||||||||||||||
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 561.1 | $ | 516.4 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 561.1 | $ | 516.4 | |||||||||||||
Less effect of acquisitions / divestitures | — | ||||||||||||||||
| Less effect of foreign currency translation | 0.8 | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 561.9 | 8.8 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2024 adjusted organic revenues less 2023 adjusted revenues, divided by 2023 adjusted revenues. | |||||||||||||||||
| Successor | Successor | ||||||||||||||||
| (In millions) | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year-over-Year Growth Percentage(1) | ||||||||||||||
| Revenues (GAAP) | $ | 516.4 | $ | 446.1 | |||||||||||||
| Revenues reduction from purchase accounting | — | — | |||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 516.4 | $ | 446.1 | |||||||||||||
Less effect of acquisitions / divestitures | (20.5) | ||||||||||||||||
| Less effect of foreign currency translation | (4.9) | ||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 491.0 | 10.1 | % | |||||||||||||
(1) Year-over-year growth percentage is calculated as 2023 adjusted organic revenues less 2022 adjusted revenues, divided by 2022 adjusted revenues. | |||||||||||||||||
| Successor | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||||||||||||||||||||||||||
| (In millions) | Year Ended December 31, 2022 | From October 20, 2021 through December 31, 2021 | From July 1, 2021 through October 19, 2021 | Six Months Ended June 30, 2021 | Year Ended December 31, 2021 | Year over Year growth Percentage(1) | ||||||||||||||||||||||||||||||||
| Revenues (GAAP) | $ | 446.1 | $ | 104.9 | $ | 107.7 | $ | 242.6 | $ | 455.2 | ||||||||||||||||||||||||||||
| Revenues reduction from purchase accounting | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted revenues (non-GAAP) | $ | 446.1 | $ | 104.9 | $ | 107.7 | $ | 242.6 | $ | 455.2 | ||||||||||||||||||||||||||||
| Less effect of acquisitions | (15.4) | |||||||||||||||||||||||||||||||||||||
| Less effect of foreign currency translation | 28.6 | |||||||||||||||||||||||||||||||||||||
| Adjusted organic revenues (non-GAAP) | $ | 459.3 | 0.9 | % | ||||||||||||||||||||||||||||||||||
(1) Year-over-year growth percentage is calculated as 2022 adjusted organic revenues less 2021 combined adjusted revenues, divided by 2021 combined adjusted revenues. | ||||||||||||||||||||||||||||||||||||||
Relative TSR is defined as the Total Shareholder Return for Mirion during the relevant performance period measured as a comparative percentile to all companies in the Russell 2000 Industrials index. Total Shareholder Return is the share price appreciation of any particular company’s publicly traded common stock plus dividends accrued, as measured during the applicable performance period.